Appleby has advised Santander on the transfer of their banking businesses in both Jersey and Isle of Man. The businesses of Santander UK plc, Jersey branch in Jersey and Santander UK plc, Isle of Man branch in the Isle of Man were transferred on 17 December 2018 into the respective Jersey and Isle of Man branches of Abbey National Treasury Services plc, pursuant to a scheme in each jurisdiction, which have both received court-sanction. Appleby have previously advised on all recent similar court-sanctioned schemes in respect of deposit-taking business in Jersey.
The Crown Dependencies team consisted of Partners Wendy Benjamin, Michael Cushing, David Dorgan, Tim Hart, Mark Holligon, Richard Sheldon and Juan Thornley, supported by Senior Associates Gemma Whale and Eleanor Harding, Associates Camilla Griffiths-Rand and Dilly Wright and Paralegal Angharad Prescott.
Speaking on the transactions, Group Head of Corporate in Jersey, Wendy Benjamin commented; “We are delighted to have advised on this complex multi-jurisdictional restructuring involving court-sanctioned schemes in Jersey and Isle of Man, transferring an aggregate amount of GBP 5 billion of client deposits. We continue to be the only advisors of this kind in the Channel Islands, which is a testament to the extensive knowledge and hard work undertaken by the Appleby team.”
Appleby has advised many banking and financial institutions on strategically important and ground-breaking offshore reorganisation projects and estimate that they have transferred more than GBP 45 billion of deposits in the past six years. They also advise banks and financial institutions on contingency planning for the purposes of preparing bank recovery and resolution plans and preparation for Brexit, with extensive regulatory expertise across the Crown Dependencies of Jersey, Guernsey and the Isle of Man.